10 Oct 2012

Unemployment rate in rich nations at 7.9%

10:53 am on 10 October 2012

The Organisation for Economic Cooperation and Development says the unemployment rate in advanced countries edged very slightly down to 7.9% in August from 8% the previous month.

In the OECD area, 47.8 million people were ranked as unemployed, an increase of 13.1 million from the onset of the financial crises in July 2008.

Of these unemployed people, 11.9 million were classed as youths.

The OECD said differences from one region to another remained large and cautioned the drop in the headline rate was mostly due to rounding, AFP reports.

In the eurozone, the rate was steady for the second consecutive month at 11.4% in August.

The highest level was steady at 25.1% in Spain, followed by Greece at 24.4% in June, the latest month data was available.

Portugal had an unemployment rate of 15.9% and Ireland 15%.

The rates in Australia, Austria, Germany, Japan, Luxembourg, Mexico and the Netherlands, were less than 5.5%.

Data for September showed the rate in the United States falling by 0.3 points to 7.8%, while unemployment in Canada edged up to 7.4%

The Organisation for Economic Cooperation and Development, which provides analysis and policy guidance for 34 leading countries.